TIAA Accuses Deutsche Bank Of RMBS Fraud

Law360, New York (August 2, 2011, 3:51 PM EDT) -- Teachers Insurance & Annuity Association of America filed a complaint in New York state court Monday claiming Deutsche Bank AG marketed residential mortgage-backed securities as safe investments while internally calling the products "horrible" and betting billions of dollars against them.

The powerful New York-based teachers' investment group seeks damages for its investments in 11 offerings marketed by the Frankfurt-based financial giant while it internally built a $10 billion short position against the products.

"Deutsche Bank originated, purchased, financed and securitized exceptionally high-risk loans into these RMBS,...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.